Together with its asset manager, NN Investment Partners (NN IP), NN Group has introduced a comprehensive policy ‘Statement on Coal’ on thermal coal. This policy includes several elements regarding its different business activities. In addition to exclusionary criteria related to thermal coal mining, an engagement strategy will be developed to intensify dialogue with power generation companies, and a phase out of coal-exposed investments is implemented for its general account assets within 10 years. To create consistency across its business, NN will also align its policy for insurance underwriting with the investment side.
Thermal coal, the type of coal used for power and heat generation, has the highest CO2 emission in relation to energy content. While the global demand for reliable and affordable energy is expected to rise, there is widespread scientific consensus that a stringent phase-out of thermal coal is required if global warming is to be kept well below 2 degrees above pre-industrial levels in line with the Paris Agreement.
Dailah Nihot, member of the NN Group Management Board: ‘NN’s coal policy is in line with our company’s values, our responsible investment policies, and the support of the Paris Agreement. We believe that the different elements of the policy reinforce each other, and further our efforts to contribute to the transition to a low-carbon economy. ‘
By excluding thermal coal mining companies as an investment option, and selling any existing exposures, more emphasis is put on the path to lower-carbon forms of energy. At the same time, NN Group continues its dialogue with utility companies to encourage them in their journey to reduce their dependence on coal-fired power generation. To underline these efforts and to provide a clear signal, the company will fully phase-out its existing proprietary investments in mining and utility companies with coal involvement by 2030. The end-date for this ‘close to zero’ coal-involvement (defined as between 0 and 5%) will be aligned for NN Group’s insurance underwriting business.
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NN Group is an international financial services company, active in 20 countries, with a strong presence in a number of European countries and Japan. With all its employees, the Group provides retirement services, pensions, insurance, investments and banking to approximately 17 million customers. NN Group includes Nationale-Nederlanden, NN, NN Investment Partners, ABN AMRO Insurance, Movir, AZL, BeFrank and OHRA. NN Group is listed on Euronext Amsterdam (NN).
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Elements of this press release contain or may contain information about NN Group N.V. within the meaning of Article 7(1) to (4) of EU Regulation No 596/ 2014 (Market Abuse Regulation).
All figures in this document are unaudited. Small differences are possible in the tables due to rounding. Certain of the statements contained herein are not historical facts, including, without limitation, certain statements made of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation: (1) changes in general economic conditions, in particular economic conditions in NN Group’s core markets, (2) changes in performance of financial markets, including developing markets, (3) consequences of a potential (partial) break-up of the euro or European Union countries leaving the European Union, (4) changes in the availability of, and costs associated with, sources of liquidity as well as conditions in the credit markets generally, (5) the frequency and severity of insured loss events, (6) changes affecting mortality and morbidity levels and trends, (7) changes affecting persistency levels, (8) changes affecting interest rate levels, (9) changes affecting currency exchange rates, (10) changes in investor, customer and policyholder behaviour, (11) changes in general competitive factors, (12) changes in laws and regulations and the interpretation and application thereof, (13) changes in the policies and actions of governments and/or regulatory authorities, (14) conclusions with regard to accounting assumptions and methodologies, (15) changes in ownership that could affect the future availability to NN Group of net operating loss, net capital and built-in loss carry forwards, (16) changes in credit and financial strength ratings, (17) NN Group’s ability to achieve projected operational synergies, (18) catastrophes and terrorist-related events, (19) adverse developments in legal and other proceedings and (20) the other risks and uncertainties contained in recent public disclosures made by NN Group.
Any forward-looking statements made by or on behalf of NN Group speak only as of the date they are made, and, NN Group assumes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information or for any other reason.
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